Just a 1.1% increase in house values last month

QV’s House Price Index (HPI) shows house values across the country have fallen $89,917, down 8.5% or $424 a day since January.

Wellington is the hardest hit region, with the average value in in the capital dropping $160,941, down 14.7% or $759 a day since January.

In Auckland house values have dipped $157,500, down 10.2% or $743 a day since the peak in January. The average home value in the region is now $1,383,668, which is just $15,416 higher than at the same time last year.

Average home values across the country dropped by 5.5% over the three months to the end of August, compared to a 4.9% drop in July. The national average value is now $973,948.  A year ago it was $963,046, so the latest figures show just a 1.1% increase in value compared with 4% annual growth last month.